Volatility in oil prices still makes us vulnerable: FICCI ex president Kidwai

Former president of the Federation of Indian Chambers of Commerce & Industry (FICCI), Naina Lal Kidwai, said, "Lots of strength in our economy, strong capital expenditure from government really helped us. Headwinds are still there to worry about. The global recession in US & Europe might affect us."

New Delhi: As the Union Budget 2023 presentation is going on, former president of the Federation of Indian Chambers of Commerce & Industry (FICCI), Naina Lal Kidwai, said, "Lots of strength in our economy, strong capital expenditure from government really helped us. Headwinds are still there to worry about. The global recession in US & Europe might affect us. The volatility in oil prices still makes us vulnerable."

"We can have some rationalization of income tax slabs to put money in the hands of the middle class so they spend it towards growth. Our current account deficit at 3% of GDP that's higher than it's been in a long time largely due to the oil import bill which's causing weakness in the rupee only making import bills expensive," Kidwai told ANI.

Union Finance Minister Niramala Sitaraman is presenting the Union Budget for 2023-24 in Parliament. Earlier in the day, the Union Cabinet cleared the Budget ahead of its presentation. Prime Minister Narendra Modi chaired the Cabinet meeting. Copies of the Union Budget have been brought to the Parliament. The presentation of the Union Budget began at 11 am.

The Union Cabinet meeting chaired by Prime Minister Narendra Modi was held in the Parliament in the morning. After the Union Budget 2023 is approved by the Cabinet, it was presented in Parliament by Finance Minister Nirmala Sitaraman.